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Reflecting on the 2024 Board Decision: AME Death Benefit Payout Increases

 

 

 

 

In early 2024, the Board of Directors of Andenet Meredaja Edir (AME) made a forward-looking decision in response to member feedback: to increase the death benefit payout by a total of 60% over three years. This decision was based on a thorough review of AME’s financial health and a strong desire to better support our members and their families in times of need.

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We are proud to share the progress of this plan, now well underway:

• The first increase was successfully implemented on July 1, 2024, raising the benefit from $13,000 to $16,000.

• The second increase is scheduled to take effect on July 1, 2025, bringing the payout to $19,000.

• A final increase will occur on July 1, 2026, raising the benefit to $22,000.

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Each of these planned increases reflects a nearly 20% step up, culminating in the promised 60% total increase.

The Board remains confident that this phased approach honors our commitment to members while ensuring long-term sustainability. We are grateful for your continued trust as we carry out this important initiative.

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The Board has taken the following considerations into account for this increase in the payout benefit:

 

1. The rising cost of funeral expenses

2. The higher percentage of our younger member population

3. The growing number of members

4. The continued enhancement of our reserve

5. The financial strength of AME

6. The long-term sustainability of our noble organization

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We have carefully planned these incremental growths without increasing the $25 contribution members are expected to pay upon the death of a member.

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We appreciate your continuous support and dedication to our community.